- CIMB partners with Fave to offer a mobile first buy now, pay later service to their customer base in Malaysia.
- The collaboration enables CIMB card holders to opt-in for interest-free pay later services by downloading the Fave app and linking their card for payments.
- CIMB customers will enjoy zero-interest instalments over three months on any purchases and on top of that, earn perks including bonus points or cashback for the buy now, pay later service with their CIMB debit or credit card.
Kuala Lumpur, Malaysia – 26th July, 2022 – Fave, Southeast Asia’s smart payment app, announced their latest strategic tie-up with CIMB Bank Berhad (CIMB) to offer a mobile first buy now, pay later (BNPL) service to CIMB’s customers. The offering is aimed at providing shoppers with access to an alternative and flexible payment option and connect merchants to a larger customer base across Malaysia. This collaboration enables over 8.4 million CIMB cardholders to have access to Fave’s BNPL service at over 15,000 merchant locations, including Al-Ikhsan, PUMA, Box of Bricks, Focus Point, Jakel and many more.
Fave’s BNPL service provides greater flexibility as it allows shoppers to split payments into three interest-free instalments. In addition, users will benefit from stacked rewards: earn CIMB bonus points and up to 15% cashback with their purchases at selected merchants.
This collaboration comes in the wake of changing consumer spending and shopping behaviour. Retailers are not only looking to adopt digital payment methods but also offer solutions to improve the accessibility of their products and services. With the rise of BNPL options, online instalment plans have come to complement normal credit card services. Today, Malaysia has risen to become a regional hotspot for BNPL, with an estimated CAGR of 49% between 2022-2028[1].
Samir Gupta, CEO, Group Consumer Banking of CIMB Group said “We are excited to enter this fast-growing space with Fave as our partner to provide a convenient and easy-to-use BNPL service to our customers. This service provides customers with an alternative and flexible payment option as they transact digitally in today’s mobile-first environment. This partnership marks yet another step towards the convergence of innovation in digital payments with established banking platforms to better serve Malaysians.”
Joel Neoh, CEO of Fave, said “We are honoured to partner with CIMB and work towards our mission to facilitate rewarding and affordable shopping experiences for customers, a mission that now extends to the 8.4 million CIMB card users. With FavePay Later we are empowering Malaysian consumers to afford products in the most convenient way: simply opt-in to split a bill into three interest-free instalments at the moment of the checkout when paying with the Fave app. Collaboration has enabled us to extend this service to debit card customers that do not have traditional credit lines with financial institutions and improve financial participation. We are set to empower retailers by growing their customer base, basket size and retaining their loyal customers better with our services and easy to use technology.”
Users who link their CIMB debit or credit cards to the Fave app will be entitled to enjoy RM25 off for their next Fave PayLater transaction with the promo code CIMB25.
How it works:
Step 1. Download the Fave app
Step 2. Add your CIMB debit or credit card on the Fave app
Step 3. Select FavePay Later when making a payment at any of Fave in-store and online merchant
For more information, visit: https://be.myfave.com/paylater-cimb
